In the vibrant tapestry of our global community, the ASEAN - the Association of Southeast Asian Nations - shines as a beacon of hope and progress. Comprising ten member states including Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand, and Vietnam, ASEAN stands tall as one of the fastest-growing regions worldwide.
In the face of challenging macroeconomic landscapes and uncertain global conditions, ASEAN has remained steadfast, embodying resilience in an ever-evolving era. It has emerged as a sanctuary of security and a nucleus of economic prosperity, inspiring nations far and wide.
In the illustrious year of 2023, a report by the ADB revealed a nuanced narrative of growth within Southeast Asia. While some economies experienced a deceleration attributed to rising inflation, monetary adjustments, and subdued global demand, the spirit of ASEAN remained unyielding. Robust domestic demand, coupled with the resurgence of sectors like tourism, kindled flames of optimism, sustaining job opportunities and elevating income prospects. This steadfastness kept growth closely tethered to its enduring long-run average.
As we gaze into the horizon of 2024, the aura of positivity envelops the ASEAN region, casting a radiant glow upon its path. The expansion of domestic demand within the robust economies of Southeast Asia promises continued prosperity. Moreover, the influx of foreign direct investment stands as a testament to the unwavering confidence of multinational enterprises, diversifying their manufacturing supply chains and bolstering the industrialized nations of Southeast Asia. As the world watches in awe, the ASEAN journey serves as an inspiration, igniting the flames of possibility and prosperity across continents and oceans alike.
Malaysia
Following several changes of government leadership during the Covid-19 pandemic, Malaysia’s economy is expected to steadily improve in 2024 due to external demand, a slowing down of inflation rate in late 2023 and low unemployment. In 2023, Malaysia’s total trade with Germany increased by 5.9% to 13.90 billion US$ compared to 13.62 billion US$ in 2022, according to the Malaysian Ministry of Foreign Affairs. Malaysia continues to be an attractive destination for FDIs with German companies investing 8.5 billion euros as of 2023. Germany is Malaysia’s largest trading partner in the EU since 2000 while Malaysia is Germany’s biggest trading partner in ASEAN.